The rise of the DeFi sector has resulted in a massive imprint on Tether in 2020Last month alone it was $ 3 billion, bringing its market cap to over $ 15 billion.
A little over $ 4 billion was in circulation at the beginning of the year; today it’s over $ 15 billion.. DeFi has been the driving force behind Tether’s mining machine as more and more liquidity pools rely on stablecoins. Tether’s average daily transfer value has been reported to have exceeded PayPal’s value late last month as demand for the stable coin continues to rise.
Tether announced the milestone, noting that market capitalization rose another billion over the past month.::
Tether just passed the $ 15 billion market cap!
In just one month, Tether’s market cap has grown by more than $ 3 billion, maintaining the number one spot as the most liquid, stable, and reliable coin! pic.twitter.com/MLOWkiIDvF
– Tether (@Tether_to) 17th September 2020
An infographic from Flipsidecrypto.com shows Tether’s movements between users and exchanges this month. The major centralized exchanges continue to make up most of USDT trading, with Binance and Bitfinex holding around $ 2 billion.
According to the Tether Transparency Report The amount of UDST on Ethereum has now risen to over $ 10 billion, which is nearly two-thirds of the total supply. There are currently around $ 4.2 billion in Tron and $ 1.3 billion in Omni.
Late last month, Tether made a $ 1 billion token exchange from Bitfinex to Binanceas reported by Cointelegraph. The exchange started because Binance had a surplus of $ 1 billion based on the TRON blockchain and wanted to exchange it for the corresponding amount of tether based on Ethereum.
On September 15, another Tether exchange was startedas the demand for the ERC-20 version of the stablecoin exceeds that of other networks like Tron.
Tomorrow, Tether will coordinate with a third party to perform two chain swaps (converting Tron to the ERC-20 protocol) for $ 1 billion.
The total supply with tether does not change during this process.
Read more here: https://t.co/abfgnELSvi
– Tether (@Tether_to) September 14, 2020
However hThere are ongoing steps to move tethered transmissions from Ethereum to other networks as gas charges continue to cripple the network. Last month, USDT was made available on the OMG Layer 2 Network and launched on the high-speed Solana blockchain.
Meanwhile, Some members of the crypto community are still calling for a full audit to see if there is a real $ 15 billion and assets to back up the stablecoinor when everything is a house of cards.
The truth can be revealed in the New York Tether lawsuit. The Attorney General’s Office (OAG) filed a letter on September 8, requesting disclosure of financial documents. The lawsuit relates to allegations that Bitfinex “lost” approximately $ 1 billion in customer funds and used Tether’s reserves to cover up the imbalance. Tether and Bitfinex have dismissed the lawsuit as unfounded.